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Crude Oil: Concerns over supply surplus weigh on prices, recording the largest drop since June.
Oil prices recorded their largest drop since June on Wednesday as a key market indicator showed signs of weakness and OPEC indicated that global crude oil supply exceeded demand earlier than expected. WTI crude futures fell by 4.2%, settling at approximately $58.50 per barrel, erasing gains from three consecutive sessions of increases. The spread between the two most recent U.S. benchmark crude contracts briefly moved into a structure known as contango for the first time since February, marking the latest sign of a widely anticipated supply glut. OPEC revised its forecast for the global oil market, adjusting the third quarter from undersupply to oversupply due to
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